The MINI-10 Reserve Report is a specialized reserve study developed specifically for banks and their clients. The program is designed for communities and associations seeking to improve their financial management practices or launch an improvement/replacement construction project within their community that requires bank financing. Many major loans require a complete Reserve Study as part of the bank underwriting requirements. However, loans below a lender’s threshold amount may not require a complete reserve study, although it is always an excellent idea to have one. To help the community with its financial planning, and also reduce the expenses of loan documentation, Asset Guardians has worked with several banking organizations to develop a process to convert the current community information into an accurate 10-year forecast of major property expenses a community could encounter. The result is an abbreviated reserve study report listing of anticipated expenses and necessary income, as well as the year the expenses would likely occur during the next 10-year period.
We call this new product our MINI-10 Reserve Report!
The MINI-10 Reserve Report, available to bank clients through Asset Guardians, consists of a short-form community property inventory, to be completed online by the association. Asset Guardians converts this information into a MINI-10 report. The community and the bank each receive a copy of the report. It is paramount that the community board and its staff provide accurate and honest information to make the report a valuable tool for financial decisions and planning for both parties. The completed report will assist with overall budgeting, planning and fiscal management of the community.